Coronavirus: India temporarily suspends e-visa facility for people in China

New Delhi, May 24: The Indian economy is likely to slip into recession in the third quarter of this fiscal as loss in income and jobs and cautiousness among consumers will delay recovery in consumer demand even after the pandemic, says a report.

According to Dun & Bradstreet's latest Economic Observer, the country's economic recovery will depend on the efficacy and duration of implementation of the government's stimulus package.

"The multiplier effect of the stimulus measures on the economy will depend on three key aspects i.e. the time taken for effecting the withdrawal of the lockdown, the efficacy of implementation and duration of execution of the measures announced," Dun & Bradstreet India Chief Economist Arun Singh said.

The report noted that the government's larger-than-expected stimulus package is likely to re-start economic activities.

Besides, measures taken by the Reserve Bank of India like reducing the repo rate by a further 40 basis points to 4 per cent, extending the moratorium period by three months and facilitating working capital financing will also help stimulate the momentum.

Singh said while the measures announced by the government are "positive", most of them have been directed towards strengthening the supply side of the economy, and "it is to be noted that supply needs to be matched with demand", he said.

Besides, "in the absence of cash-in-hand benefits under the government's stimulus package, demand for goods and services is expected to remain depressed", he added.

He further said the loss in income and employment opportunities, and cautiousness among consumers, will lead to a delayed recovery in consumer demand, even after the pandemic. As debt and bad loan levels increase, the banking sector might face challenges.

The report further noted that even as the monetary stimulus is expected to inject liquidity and stimulate demand for a wider section of the economy, the channelisation of funds from the financial institutions will be subjected to several constraints.

The foremost concern being increase in risk averseness, as the balance sheets of firms, households, and banks/NBFCs have weakened considerably and low demand for funds by firms as production activities have been on a standstill during the lockdown period, Singh said.

India has been under lockdown since March 25 to contain the spread of the coronavirus, resulting in supply disruptions and demand compression.

Prime Minister Narendra Modi imposed a nationwide lockdown to control the spread of coronavirus on March 25. It has been extended thrice, with some relaxations. The fourth phase of the lockdown is set to expire on May 31. 

Tehran, Mar 3: Iranian Foreign Minister Javad Zarif on Monday urged Indian authorities to ensure the well-being of all Indians and not let "senseless" violence prevail.

Ministry of External Affairs Spokesperson Raveesh Kumar said on Thursday that law enforcement agencies were working on the ground to prevent violence and ensure restoration of confidence and normalcy.

Mr Kumar has urged international bodies not to make irresponsible statements at this sensitive time. "Iran condemns the wave of organised violence against Indian Muslims. For centuries, Iran has been a friend of India. We urge Indian authorities to ensure the wellbeing of ALL Indians & not let senseless thuggery prevail. Path forward lies in peaceful dialogue and rule of law," Zarif tweeted.

The communal violence over the amended citizenship law in Delhi has claimed at least 42 lives. Frenzied mobs have torched houses, shops, vehicles, a petrol pump and pelted stones at police personnel.

New Delhi, Apr 27: The number of COVID-19 cases climbed to 28,380 and the death toll due to it rose to 886 in the country on Monday, registering a record increase of 60 deaths in 24 hours, according to the Union Health Ministry.

There has been a spike of 1,463 cases since Sunday evening.

The number of active COVID-19 cases stood at 21,132, while 6,361 people have recovered, and one patient has migrated, the ministry said.

Thus, around 22.41 per cent of patients have recovered in the country so far.

The total number of cases includes 111 foreign nationals.

A total of 60 deaths were reported since Sunday evening, of which 19 fatalities were reported from Maharashtra, 18 from Gujarat, eight from Rajasthan, seven from Madhya Pradesh, two each from Karnataka, West Bengal and Uttar Pradesh, and one each from Punjab and Tamil Nadu.

Of the 886 deaths, Maharashtra tops the tally with 342 fatalities, followed by Gujarat at 151, Madhya Pradesh at 106, Delhi at 54, Rajasthan at 41, and Andhra Pradesh and Uttar Pradesh at 31 each.

The death toll reached 26 in Telangana, 24 in Tamil Nadu while West Bengal and Karnataka have reported 20 deaths each.

Punjab has registered 18 fatalities so far. The disease has claimed six lives in Jammu and Kashmir, four in Kerala while Jharkhand and Haryana have recorded three COVID-19 deaths each.

Bihar has reported two deaths, while Meghalaya, Himachal Pradesh, Odisha and Assam have reported one fatality each, according to the ministry data.

According to the Health Ministry data updated in the evening, the highest number of confirmed cases in the country are from Maharashtra at 8,068, followed by Gujarat at 3,301, Delhi at 2,918, Rajasthan at 2,185, Madhya Pradesh at 2,168, Uttar Pradesh at 1,955 and Tamil Nadu at 1,885.

The number of COVID-19 cases has gone up to 1,177 in Andhra Pradesh and 1,002 in Telangana.

The number of cases has risen to 649 in West Bengal, 523 in Jammu and Kashmir, 511 in Karnataka, 469 in Kerala, 313 in Punjab and 289 in Haryana.

Bihar has reported 277 novel coronavirus cases, while Odisha has 108 cases. Eighty-two people have been infected with the virus in Jharkhand and 51 in Uttarakhand.

Himachal Pradesh has 40 cases, Chhattisgarh has 37 and Assam has registered 36 infections each so far.

Andaman and Nicobar Islands has 33 COVID-19 cases while Chandigarh has 30 cases and Ladakh has reported 20 infections so far.

Meghalaya has reported 12 cases, Puducherry has eight cases while Goa has seven COVID-19 cases.

Manipur and Tripura have two cases each, while Mizoram and Arunachal Pradesh have reported a case each.